Epsilon Energy announced that due to low natural gas prices, the Corporation is curtailing its natural gas production from approximately 3.8 Mmcf/d to approximately 2.1 Mmcf/d.
Effective today, the Corporation has shut in the Poulsen #1H and curtailed the natural gas production from the Poulsen #2H to approximately 1.5 Mmcf/d (balance of 0.6 Mmcf/d coming from non-operated New York production). The Corporation will continue to monitor natural gas prices to determine when, in light of the current low natural gas price environment, to increase its natural gas production from these wells. In addition to the two aforementioned wells, the Corporation has three additional wells within its Highway 706 project that previously tested at a combined natural gas production 8..5 Mmcf/d that are ready to commence natural gas production, if warranted.
Zoran Arandjelovic, Epsilon's Executive Chairman, President and CEO, stated, "With natural gas prices dipping below $2.00/mcf, we will continue to manage natural gas production rates from our Highway 706 project in order to optimize our cash flows."
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